Rajeev DeMello

Despite the market sell-off, the "underlying themes of AI... for Korea and for Taiwan are there" with "great demand for those advanced semis and memory." The geopolitical sell-off in Asian markets (Kospi/Taiex) is a liquidity event, not a fundamental one for the semiconductor sector. The structural demand for AI chips and memory remains intact. The dip offers a better entry point for the "picks and shovels" of the AI theme. Long Taiwan Semi (TSM) and Memory producers (MU) on the dip. Escalation of conflict disrupting shipping lanes in the South China Sea or Strait of Hormuz affecting supply chains.

Despite the market sell-off, the "underlying themes of AI... for Korea and for Taiwan are there" with "great demand for those advanced semis and memory." The geopolitical sell-off in Asian markets (Kospi/Taiex) is a liquidity event, not a fundamental one for the semiconductor sector. The structural demand for AI chips and memory remains intact. The dip offers a better entry point for the "picks and shovels" of the AI theme. Long Taiwan Semi (TSM) and Memory producers (MU) on the dip. Escalation of conflict disrupting shipping lanes in the South China Sea or Strait of Hormuz affecting supply chains.